Solve your money problems in just 10 minutes

Sorting your budget issues is quicker than you think. With these tiny tweaks, you can gain control of your finances in little longer than it takes to make a cup of tea!

By
Joanne Finney

22/07/2016

Image SourceGetty Images

1 Go mobile

All the high-street banks now have apps that let you check your balance wherever you are – convenient when you're constantly on the go. You'll need to register for online banking, then download the app for your bank from the Apple or Google Play stores and register your details. You'll be asked to create a password or pin number, and then verify your identity with the bank in branch or via one of their cash machines. Once you have an online account, you can also set up a weekly text alert on your mobile to warn you if your funds go under a set limit.

2 Get your budget on track

Too much month left at the end of the money? A budgeting app on your phone is a smart move. A tech version of keeping a spending diary, you enter the item and cost every time you spend. If you've put in your monthly spending limit, even better. We recommend Account Tracker and MoneySmart.

3 Make it monthly

The cheapest way to pay for utilities and insurance is upfront annually,but if that sounds like too much of a commitment, set up a monthly Direct Debit. You'll usually save money, too, as Direct Debits often attract discounts. Set payments to leave your account at the start of the month – it's far easier to see what's left if all the big bills are paid early.

4 Find a new Pal

Save the hassle of entering your card details and address every time you buy online by setting up a PayPal account. Once registered, you'll be able to whizz through online checkouts in seconds – all you need is your email and a password. Equally important, you'll never again have to disclose your card information online. John Lewis, Lakeland and Next are among the hundreds of high-street and online retailers who are PayPal-friendly.

5 Pay it, pronto!

Paym (pronounced Pay Em) is a new service that allows you to make payments up to £250 a day directly into a friend or relative's current account – or pay a tradesman – without their account number or sort code. You both need to register your mobile number with your bank – which you can do online or over the phone – then simply log in to your online banking account and enter the mobile number of the person you want to pay.

6 Cheque, mate!

Did you know it's now possible to pay in a cheque with your smartphone by sending an image of it to your bank, saving you the schlep to your local branch? Barclays is the first to offer this. Other banks will surely follow!

7 Keep it contactless

You can pay for items worth up to £30 without entering your pin. Speed your way through the checkout by touching your contactless card against the payment terminal. Most banks are sending out contactless cards when replacing an old card but if you can't wait, you can request one from your bank. Customers have exactly the same protection in terms of refunds in the event of fraud as with Chip & PIN. The UK Card Association says contactless' rate of fraud is just 2p for every £100 spent (for Chip & PIN, the rate of fraud is 6.9p for every £100 spent).

8 Keep it clean

Keep a close eye on your credit records. More than 20% of peoplewho have checked their credit report found errors. Order a £2 paper report from Experian, Equifax or Callcredit,or subscribe to their paid-for online services – there's usually a 30-dayfree trial after which you'll be charged around £15 a month. Spotted an error? Call the credit agency to get it amended as soon as possible. Always follow upin writing and copy correspondence.

9 Change bank accounts

If your current account isn't delivering high enough interest rates – the best we've seen is around 5% – or the customer service you want, vote with your money and switch. It only takes around 10 minutes to apply for a new one. Simply supply your current banking details, salary info and other income sources – the bank will do the rest. There's a seven-day service for switching accounts and some banks even offer cash incentives. To find the best deals, visit moneyfacts.co.uk, which lets you compare interest rates, benefits and any fees. This is a good time to move, thanks to April's new rules which mean you can now earn up to £1,000 in interest tax-free.

10 Spend & earn

If you use a credit card, make sureit's one that earns you cashback every time you spend – and bag free cash (typically an extra 3-5%) every time you buy. Check out the card options

at moneysupermarket.com. Use your card for all your everyday purchases– groceries, petrol, lunch – and max up the cashback. But whatever your credit card usage, remember to set up a Direct Debit to repay it in full each month so you never pay interest. You can also build up a tidy sum by registering with cashback websites such as quidco.com or topcashback.co.uk. Click through to your favourite retailers from them, shop and then earn a small percentage of the purchase cost back (the retailer pays the cashback site commission that they pass back to customers). Both are free to join.

11 Go paperless

Save hours of filing away bills by going paperless. You could save money, too, as many utility providers and banks now charge customers for a physical bill. Contact your bank or utility provider to set it up – most will let you register your details online. Worried about not being in control? You'll be sent an email reminder when your bill is ready to view. Top tip: keep one bill on paper as they're often needed for ID or proof of address.

12 Start a rainy day fund today

If good intentions to put money away every month get waylaid by a busy life, we sympathise. But try this: set up an automatic transfer from your account into a high-interest savings account at the start of every month and – here's the crucial bit – treat it with the same respect as a fixed regular outgoing. Check the best savings rates at moneyfacts.co.uk.